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Buy USDINR; target of: 74.57 – 74.70: ICICI Direct

Buy USDINR; target of: 74.57 – 74.70: ICICI Direct
August 13
11:08 2021

ICICI Direct, The rupee recovered by 17 paise to close at 74.26 on Thursday on a sharp recovery in equities, softness in dollar index from higher levels•

August 13, 2021 / 08:59 AM IST

ICICI Direct’s currency report on USDINR

Spot Currency

The rupee recovered by 17 paise to close at 74.26 on Thursday on a sharp recovery in equities, softness in dollar index from higher levels • The dollar held firm on early Friday, hovering near its highest level in four months against major currencies as market participants looked for more hints from the Fed on its plans to reduce monetary stimulus.

Currency futures on NSE

On the options front, US$ INR has significant open interest at 74.25 Put strike. It suggests that US$ INR is likely to consolidate above 74.25 levels in the coming sessions. On upsides, 74.60 level will act as a hurdle • The dollar-rupee August contract on the NSE was at Rs 74.35 in the last session. The open interest fell almost 1.35% for the August series.

Intra-day strategy 

US$ INR August futures contract (NSE)View: Bullish on US$ INR
Buy US$ INR in the range of 74.32-74.36Market Lot: US$ 1000
Target: 74.57/ 74.70Stop Loss: 74.20
Support: 74.30/74.20Resistance: 74.60/74.70

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